PRECIOUS-Gold prices ease from record highs as Trump grants tariff exemptions
By Rahul Paswan
April 14 (Reuters) - Gold prices retreated on Monday from a record high hit earlier in the session as trade tensions eased after U.S. President Donald Trump exempted smartphones and computers from "reciprocal" U.S. tariffs.
Spot gold XAU= was down 0.1% at $3,232.49 an ounce, as of 0702 GMT. Bullion hit a record high of $3,245.42 earlier in the day.
U.S. gold futures GCcv1 edged 0.1% higher to $3,248.30.
"Softer U.S. dollar has been assisting gold, but news of tech product tariff exemptions lifted risk appetite and caused safe-haven demand to ease," said KCM Trade chief market analyst Tim Waterer. USD/
"This has caused gold to lack clear direction."
On Friday, the White House announced certain exclusions from steep reciprocal tariffs. But on Sunday, Trump bore down on his administration's latest message that the exemption of smartphones and computers from his reciprocal tariffs on China will be short-lived.
"Ongoing trade and tariff dramas have created higher volatility and uncertainty levels in financial markets, and in such an environment the gold price could be eyeing off a run towards $3,300 in the near-term should dollar weakness persist," Waterer said.
Non-yielding gold is traditionally viewed as a hedge against economic uncertainty and inflation.
Gold prices vaulted on Friday over the $3,200-per ounce mark for the first time as intensifying U.S.-China trade tensions rattled global markets.
Goldman Sachs raised its end-2025 gold price forecast to $3,700 per ounce from $3,300, citing stronger-than-expected central bank demand and boosted ETF inflows.
Traders see around 80 basis points worth of cuts by 2025 end. FEDWATCH
Bullion tends to thrive in a low interest rate environment.
Elsewhere, price premium for gold in top consumer China widened last week due to consumers and investors seeking refuge from the country's escalating trade war with the United States, analysts said.
Spot silver XAG= lost 0.6% to $32.06 an ounce, while platinum XPT= added 1% to $952.50. Palladium XPD= gained 1.3% to $927.25.
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